One Step Better at Doing a No Spend Challenge With These 3 Strategies

27 July 2022

Successfully Do a No Spend Challenge With These 3 Strategies

There are many reasons people spend money on less important things. For example, because of peer pressure and being easily tempted by discounts. If you do the same and want to change this habit, you can try a no spend challenge.

How to Be One Step Better at Doing a No Spend Challenge

1. Decide what to do with the unspent money

People do things because there is a goal to achieve. You are ready to challenge yourself not to spend your money. But, this alone is not enough, Jagoans. You need a more tangible goal in order to enjoy the fruits of a successful no spend challenge.

Therefore, before starting a no spend challenge, it would be nice to decide ahead of time what to do with the money. Will it be used to build an emergency fund, start your first investment or renovate your house? Having a goal that you want to achieve makes you more enthusiastic to successfully do a no spend challenge.

2. Set some rules 

Of course, you still need to spend money for various purposes, especially priority ones such as daily meals, groceries, transportation and monthly bill payments. You shouldn’t go on a strict diet just because you want to do a no spend challenge successfully.

In order to successfully do it, you can set some rules such as deciding what not to buy. For example, clothes, shoes, gadgets. Because usually, it's things like these that cause unnecessary spending.

3. Start small

So that you are not surprised and have time to get used to it, you can start small first. If you have never done this challenge before, you can try targeting 24 hours first.

See if you can stop yourself from shopping for the items you've decided not to buy for the whole day. If it works, you can increase the time, for example to 3 days, then eventually to a week.

Budgeting Can Help You Overcome a No Spend Challenge

Budgeting can help you manage your finances better. Budgeting can also help you overcome a no spend challenge.

The money that is allocated for shopping can be directly put into savings. For hassle-free budgeting, you can use the Jago Pocket.

Create 1 or more Saving Pockets to save the money you get from doing a no spend challenge. Don't forget to also create a number of Spending Pockets. Spending Pockets are used to separate various priority needs where you still need to spend money.

If done with commitment, a no spend challenge can help you reduce unnecessary spending and grow your savings.

So, are you ready to start a no spend challenge with the 3 strategies above? You don't need to be alone in doing so. Jago is ready to accompany and help you overcome the challenge. Don't have Jago yet? Download the Jago application here.

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